The Tolls of Caregiving
Given the prevalent role families play in providing long-term care, insurance may not always seem necessary. However, as briefly discussed in my last post on the basics of long-term care insurance, the true value of long-term care insurance involves protecting the wellbeing of loved ones. Even though spouses and adult children are often willing to take on the responsibility, it’s still difficult to make the physical, emotional and financial sacrifices required to provide care for a loved one.
The toll on those caring for family members in poor health can be horrendous. On average, caregivers who suffer extreme stress lose about 10 years of their life. Caregivers also tend to have higher levels of depression, perceived stress and lower levels of self-efficacy than non-caregivers. In fact, people who spend at least 36 hours on providing care each week experience double the usual rate of depression.
Too many people don’t think about how their own health and well being will be affected when they volunteer to care for an ailing spouse or parent. While long-term care insurance can’t replace what families do, it can build on existing support by offering caregivers financial reimbursements, care giving training and other helpful services that make providing care easier.
Don’t leave the well-being of your loved ones to chance. Contact a long-term care insurance specialist for a consultation on your long-term care planning options.
Mike has written 2 awesome articles for us.
Mike’s passion about the need for extended care insurance comes from personal experience. In 2004, his parents were involved in a serious auto accident. His stepmother spent 4.5 years in a nursing home and his father requires home-care. Mike has watched his father spend over $300,000 on extended care so far.
Mike describes himself as a zealous advocate for the protection of the unaware, unsuspecting, & overwhelmed family caregiver. “I love what I do, because serving my clients, protecting their families, is a very rewarding experience and I know I'm making a difference in their lives”.
As a Specialist, he assists clients by providing education and an understanding of the consequences to the family and their retirement lifestyle if they would need extended care. He assists business owners with the tax considerations of purchasing a policy through their business utilizing discrimination discretion. He has created a strategic alliance with Estate Planners, Financial Planners, CPA's, and Insurance Professionals that look to a trusted specialist for guidance through the LTC Insurance maze.
Mike continues to educate himself through Continuing Education classes. Last year he doubled the number of credits required by the state of MN. He attended the University of Minnesota pursuing a degree in business administration. He is a graduate of the LILI leadership program offered by NAIFA. He is the President of St. Paul (NAIFA) the National Association of Insurance and Financial Advisors, past Board Member of the (FPA) Financial Planning Association, and is a (CLTC) Certified Long Term Care Specialist. He lives with his wife and two college students in Eagan, Minnesota.
Check out Mike's website. Mike can be reached at email@example.com.